Vietnam Mobile Payments Market Outlook to 2029

Vietnam Mobile Payments Market Overview

The Vietnam Mobile Payments market is valued at USD 40 billion, based on a five-year historical analysis. The rapid surge is driven by a strong increase in smartphone penetration, which reached 84 million users, and internet usage, with over 78.9 million active users. The market is also fueled by rising contactless transaction adoption and robust government support for digital financial inclusion, particularly among underserved communities.

Hanoi and Ho Chi Minh City dominate the Vietnam Mobile Payments landscape due to their high urbanization, advanced digital infrastructure, and concentrated presence of fintech startups and banking institutions. These cities also benefit from QR code transaction booms and government-led initiatives, such as smart city programs and financial technology zones, creating an ideal ecosystem for rapid mobile payments adoption and usage at scale.

Vietnam Mobile Payments Market Segmentation

By End Use: The Vietnam mobile payments market is segmented by end use into Personal Use and Business Use. The market under the end-use segment is heavily dominated by personal usage. The personal use segment holds the largest market share due to widespread e-wallet adoption, peer-to-peer payments, and retail digital transactions. This growth is catalyzed by smartphone ubiquity, low transaction limits, and ease of app integration across the retail and service ecosystems.

By Region: The Vietnam mobile payments market is segmented by region into Hanoi, Ho Chi Minh City, Da Nang, Mekong Delta, and Others. Hanoi holds the largest regional share due to its lead in QR-based transaction volume and value, driven by higher merchant adoption and early government investment in fintech infrastructure. Ho Chi Minh City follows closely due to its robust startup ecosystem and dense user base. Da Nang and the Mekong Delta are emerging through mobile money drives and rural inclusion programs.

Vietnam Mobile Payments Market Competitive Landscape

The Vietnam Mobile Payments market is dominated by strong local e-wallet providers backed by retail integrations, digital loyalty features, and robust consumer adoption. Players like MoMo, ZaloPay, and VNPay lead in transaction volumes and user base, driven by their intuitive user experience and strategic partnerships with merchants. With over 40 active e-wallet platforms operating, the market remains highly competitive, reinforced by cashback incentives, QR-based payments, and integration across super-app ecosystems.

Vietnam Mobile Payments Market Analysis

Growth Drivers

Mobile Penetration and Internet Connectivity: Vietnam's digital ecosystem is advancing rapidly. As of 2024, the country has 84 million smartphone users and 79.8 million internet users. Mobile broadband access is expanding, particularly in rural areas, improving access to digital services. This widespread smartphone usage is fueling mobile wallet adoption. The government plans 100% 5G mobile coverage to enhance financial access and close the urban-rural digital divide, as per Vietnam's Digital Infrastructure Master Plan.

Surge in Contactless and Cashless Payments: The value of domestic credit transfers reached 48 quadrillion VND in a single quarter. Contactless card usage now accounts for 75% of Visa transactions. The younger population leads this transformation, with 88% of Gen Z and Gen Y users preferring cashless transactions. QR code adoption saw a 106.7% surge in transaction volumes, streamlining merchant operations and enhancing transaction speed and transparency.

Government Support for Digital Economy and Inclusion: The Vietnamese government's National Digital Transformation Programme and Financial Inclusion Strategy are boosting mobile payment infrastructure. High-speed internet and 5G will cover 99% of the population. Initiatives like financial inclusion for women entrepreneurs are improving access to mobile banking and creating a wider consumer base for digital payment platforms, ensuring long-term growth in the sector.

Market Challenges

Uneven Digital Infrastructure in Remote Regions: Despite national plans, some rural regions still lack consistent mobile connectivity. This digital divide limits the reach of mobile payment services in less urbanized provinces, impacting merchant onboarding and financial inclusivity in remote economies.

Cybersecurity and Consumer Trust Issues: Vietnam's cybersecurity authority recorded a rise in financial fraud cases related to digital payments. Many consumers remain skeptical of mobile wallets due to phishing, SMS fraud, and a lack of strong consumer protection laws. This skepticism is particularly prevalent among older demographics and low-income groups who are less digitally literate.

Vietnam Mobile Payments Market Future Outlook

Over the next 5 years, the Vietnam mobile payments market is expected to witness exponential growth driven by a tech-savvy population, expanding digital infrastructure, and targeted government policies. With active support from the State Bank and implementation of Decree 52, the regulatory environment is now aligned to support e-wallet innovation and intermediary payment service expansion. Regions like Hanoi and Ho Chi Minh City will continue to lead, while rural zones see higher uptake through mobile money services.

Market Opportunities

Integration with Public Services and Micro-Merchant Ecosystem: Vietnam has 5.5 million SMEs and informal retailers, many of whom remain unbanked. With growing QR code acceptance and API integration, mobile wallets can expand to tax payments, ticketing, and municipal services. Public-private partnerships could facilitate wallet interoperability and create new revenue streams via government service digitization.

Cross-Border and Remittance-Linked Wallet Expansion: With over 5.3 million overseas Vietnamese and growing inbound tourism, cross-border wallet functionality presents a major opportunity. Supporting FX conversion, inbound QR acceptance, and remittance disbursement could strengthen platforms like MoMo and ZaloPay. Backed by improvements in digital identity (DID) and e-KYC, this trend is shaping the next wave of mobile wallet use cases.